Agrochemicals Market Growth 2020-2024: Industry Size, Share, Trend, Top Key Players like Syngenta AG, Bayer CropScience, BASF SE, Monsanto, Corteva, The Mosaic Company

Market Scenario

Agrochemicals or agricultural chemicals are chemical products used in agriculture to supplement plant growth. The global Agrochemicals Market is expected to garner a revenue of USD 300 billion by 2024 with a CAGR of 4% during the forecast period of 2019–2024. The major chemicals used in agriculture to regulate plant growth are synthetic fertilizers, pesticides, and hormones, amongst others. Agrochemicals render various benefits while cultivating crops such as high yield, enhanced yield quality, reduced crop loss, crop protection, and others, owing to which there is a hike in demand for agrochemicals to cater the surging global demand for agricultural produce. Increasing cultivable land area for horticultural crops such as fruits & vegetables, and floricultural plants is yet another factor boosting the sales of various agricultural chemicals.

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However, the global agrochemicals Industry is witnessing hurdles in its growth due to the rising environmental concerns regarding the excessive use of chemicals in agriculture. Excessive use of agrochemicals leads to the contamination of soil, water, and air, and can cause toxicity in humans. In addition, infringement of intellectual property rights is also hampering the growth of the market players, which in turn hampers the growth of the global agrochemicals market.

Segmentation

The global agrochemicals market has been segmented based on type, mode of application, crop type, and region.

By type, the global agrochemical market has been classified as fertilizers, pesticides, and others. The pesticides segment is further segmented into herbicides, insecticides, fungicides, and others.

Based on mode of application, the global market has been classified as foliar, fertigation, and others.

The global agrochemicals market has also been segregated, on the basis of crop type, into cereals & grains, oilseed & pulses, fruits & vegetables, others.

The global agrochemical market has been studied with regard to four key regions—North America, Europe, Asia-Pacific, and the rest of the world.

The North American agrochemicals market has further been segmented into the US, Canada, and Mexico. The European agrochemicals market has been classified as the UK, Germany, France, Italy, Spain, and the rest of Europe. The agrochemicals industry in Asia-Pacific has been divided into China, India, Japan, Australia and New Zealand, and the rest of Asia-Pacific. The agrochemicals market in the rest of the world has been segmented into South America, the Middle East, and Africa.

Key Players

Syngenta AG (Switzerland), Bayer CropScience (Germany), BASF SE (Germany), Corteva (US), Monsanto (US), United Phosphorus Limited (India), China National Chemical Corp (China), ADAMA Agricultural Solutions (Israel), Nufarm Limited (Australia), Sumitomo Chemical (Japan), The Mosaic Company (US), Arysta LifeScience Corporation (Japan), Crystal Crop Protection Pvt. Ltd. (India), Yara (Norway), and Murugappa Group (India) are some of the key players in the global agrochemicals market.

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Regional Market Summary

Asia-Pacific dominated the global agrochemicals market in 2018 and is expected to maintain its dominance throughout the forecast period. The region is also expected to register the highest CAGR during the forecast period owing to the increasing demand for agricultural commodities such as fruits, vegetables, cereals, pulses, and others for both direct consumption and processing is a significant determinant contributing to the growth of the regional market. Agriculture is amongst the major sectors contributing significantly to the GDP growth of various nations.

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This release was published on openPR.